TDW raises price target to 28 Progressive Waste Solutions Ltd.
(BIN-N, BIN-T) US$22.80
Q1/13 Strong - Full Year Guidance Unchanged
Event
Progressive Waste Solutions Ltd. (BIN) reported Q1/13 consolidated revenues
of $486.6mm, ahead of our estimate of $471.0mm and consensus of
$468.0mm. Adjusted EBITDA came in at $129.1mm vs. our estimate of
$121.1mm and consensus of $124.4mm.
Impact - POSITIVE
We point out that this is the first quarter in over a year in which the company
has exceeded expectations. The company re-affirmed its fiscal 2013 guidance
calling for revenue growth of 5.4-6.5% to $2.00-2.02bln, adjusted EBITDA of
$545-555mm, free cash flow of $200-215mm (excluding additional
infrastructure investments).
We are fine-tuning our fiscal 2013 and 2014 estimates to reflect changes in
margin assumptions and our more positive outlook. We are increasing our
price target to $28.00